AllianzPowering AheadAllianz Global Wealth Report 2025nber2025AllianzResearch
AllanzResearchContentPage3-5ExecutiveSummaryPage6-18Financialassets:PowerinaaheadPage19-27Liabilities:No recoveryPaae28-31Realestate:BottominaoutPage32-36Distribution:No proaressPaae37-38Appendices
25September2025ExecutiveSummaryPoweringahead202450wianothr yecrofsolid growth for the global economy-and anotherbumperyearforfinancial assets of private households, which rose by +8.7%otalfinancial assets had reached a new absolute record of EUR269tr, thoughat283% relative to economic activity, this is only at the same level as in 2017 asinflation has"artificially" inflated the denominatorwealth is not distributed evenly across thearoundhalf of all privatecialassets are concentrated injust,America's sharehashardly changed inoacplzhousenof China.whoseshareis nowaround 15%are.holzhausen@allianz.corto2004. China's rise has come at the expensebedredions:WesternEuropeandJabanhavelostsianificanteoverthe last twodecades,. with Europe down9.1pps and Japandown5.9pps; Japan's share has thus more than halvede&ESGmadein theUSApaticispelayo-1omero@allanz.comOverthe post20years,thefinancialassetsofAmericanhouseholdshavegrown,inline with the global averoge But in 2024, theirgrowth was sgnificantly higherstto Western Europeand Japan, where growth laggedsand just under4pps peryear, respectivelyfAmericanfinancialassets.thismeansthatearowthinalobalfinancialassetswoeKathrinStoffelkothonstoffet@allonz.comerthelostwodecades,this figurestod ataccounted for19.8%. while WesternEuropehes tofinancial wealth, the US continues to callthe shotsurities, porticulary stocks, is keyfor assetgrowth.In this respect, theast twoyearshave beenexratfyingforsavers.In both 2023(+11.5%)ectively) andbank depositsdifferences inportfolictures. Notably itis primarily North American saverswho investinsercurities, accountingfor59.2%of portflios. In Western Europeforexampl, thisfgure stands atjust349%
AllianzResearchherican savers also demonstrate a clear preference for securities whervestinanewsavinas.In2024.for instance.thev accountedfor67%of freshd to just26% in Western Europe. This consistentfocus oneswithhighpotentialforvalue appreciation has paidff. WhilehNothAmerica grew by anaverageof-+6.2%peryearoverftheeachievedanoverogegrowthrateofist3.8%higher in Europe: on average overthe last decade,dditional2.3%of their financial assetsinfresh savingsnaricon withGermanv isinstructive: Germanyway:fresh savings amounted to3.7%of existingalmosttwicethefiaurefortheUS.Atthesametimeincreaseswasonly32%-less thanhalf that of theUSinterestratesagain in2024,rloans.In fact, alobal private debt23to+3.1%.Overall alobalhousehold4,withChina being acasein point:While priate libilitiesownat anaveragerate of almost+20%pervearoverthe previous twossets minus liabilities)inthe strong growthof the previous year(+9.4%)byby theendof2024.Thisrepresentsadoubling ofassetsover thepastdecadeentageofGDP)was62.6% whichiscontrast, mostificant increase in theirdebt ratios.he way, with its ratio risingby43.4ppsive grown significantly more ...
